MENA accounts for two thirds of proven global oil reserves and is regarded as the world’s most influential oil province, eclipsing all other regions by some margin. Over the next five years, the region will see strong growth in hydrocarbon production as the world becomes increasingly reliant on oil supplies within the region.
The region's combined oil wealth has recorded a steady rise over the past two decades to peak at 748.2 bn barrels at the start of 2008 despite a sharp increase it its crude production. The Gulf oil giants have pumped in excess of 70 bn barrels over the last 10 years.
Saudi Arabia's recoverable oil deposits increased from around 262.3 bn barrels at the start of 2007 to 266.7 bn barrels at the start of 2008, maintaining its position as the world's oil superpower, which controls nearly a quarter of the total global proven crude reserves.
Iran's oil reserves rose from 136.2 bn to 138.4 bn barrels, the second largest in the world.
Iraq's reserves, the third largest, remained unchanged at around 115 bn barrels while Kuwait's oil wealth grew from nearly 101.5 bn to 104 bn barrels.
The UAE's oil resources, the fifth largest, remained unchanged at around 97.8 bn barrels.
Such an increase in deposits is a result of new discoveries for all of the regional producers and the introduction of sophisticated exploration and production techniques that have boosted recovery rates across all oilfields.
The regional commitment to promote private-sector investment in their energy sectors in an effort to combat a crude oil spike and in order to meet worldwide energy demands promises massive rewards to a host of companies ranging from service companies from National Oil Company subsidiaries to indigenous providers to international oilfield service companies both of which are well-established within the region or are looking to target MENA for the very first time.
The Next Generation MENA Oil & Gas Summit will bring together leaders from across the MENA region to meet with the right solution providers in order to meet such tremendous growth and demand.
The Next Generation MENA Oil & Gas Summit will serve as an arena for senior level executives to engage in clear and focused dialogue with their peers to examine their technology and management objectives in a relaxed and vibrant environment.
"A very good way of gathering companies and solution providers. I like this idea of concentrating in 2 days meetings that normally take place in a 6-month time space. Please keep this good work. Excellent organisation too."
Leonardo Salvadori, Centurion (DANAGAS Egypt)